According to DataInsight Beating monitoring, Reuters reported that renowned investor Bill Ackman's hedge fund company, Pershing Square Capital Management, established a new position in tech giant Microsoft after its recent stock price decline, and sold off its long-held shares of Google's parent company, Alphabet, to help fund this investment.

Pershing Square still held some Alphabet shares at the end of the first quarter, but a person familiar with its portfolio indicated that Bill Ackman no longer holds any Alphabet shares and has completely exited his position in the second quarter.

Ackman believes that, following the recent price drop, Microsoft's current valuation is "extremely attractive." He stated that investing in Microsoft is the latest in a series of tech investments, all of which have attractive valuations and long-term dominant growth potential.

Ackman also noted that Microsoft has two of the most valuable enterprise tech businesses - its Azure cloud services division and the M365 Office productivity suite, which includes the $30 per month Copilot AI assistant, positioning Microsoft at the core of rapid growth in enterprise AI applications.